Honoring Heritage, Building Confidence

Financial Literacy and the AAPI Community

As we close out Asian American and Pacific Islander (AAPI) Heritage Month this May, let us take time to recognize the deep cultural contributions and growing influence of a vibrant, diverse community in the United States.

This month has been a time to shine a light not just on heritage, but also on opportunity. Because while the AAPI community continues to thrive in many areas, there remain significant challenges when it comes to financial confidence and access to trusted guidance.

A Passion for Financial Empowerment

I am a second generation immigrant and was hugely influenced by the example set by my Filipino father, Juan Santos Asuncion, for hard work and the importance of education. As I grew up, my father shared with me and my sisters stories of unimaginable hardship, especially during World War II. For him, higher education and moving halfway around the world were the way out of poverty. As a highly respected anesthesiologist in Kentucky (everyone called him Dr. John), he knew how to make a good living to provide for his family but he had little understanding of how to use his hard-earned income to create wealth.

Following his lessons about hard work and higher education, I pursued a career as an attorney and corporate executive with one of the largest financial services firms in the country. In those roles, I saw firsthand how confusing and intimidating the financial system could be—especially for women and people from underrepresented communities.

My family and professional experiences led me to shift my focus. I wanted to help families better understand how money works. I wanted to bring financial education to the forefront, especially for groups who often feel overlooked or misunderstood by the financial industry.

And that mission has never felt more urgent than it does today.

A Community on the Rise

Fidelity Investments published research that provides a valuable window into the financial wellness of Asian Americans and Pacific Islanders. The findings are both inspiring and instructive.

Although the AAPI community currently represents just 7.3% of the total U.S. population, we are the fastest growing racial group and are expected to quadruple by 2060 to more than 47 million people. Our economic footprint is expanding too—with a projected $1.6 trillion in spending power this year alone.

More importantly, the data shows that this community is proactive, forward-thinking, and deeply committed to building a secure future:

• 67% of AAPI individuals are happy with their saving habits, compared to 60% of the general population.
• They were less likely to tap into emergency savings during financial setbacks (35% vs. 45%).
• More AAPI respondents had money left over after expenses (26% vs. 21%).
• Many are motivated by long-term goals, such as achieving a comfortable retirement (44% vs. 37%) and the possibility of retiring early (22% vs. 16%).

These habits speak volumes about the financial discipline and determination that runs deep in the community.

The Confidence Gap

And yet, despite these strong behaviors, there is a gap when it comes to financial confidence and engagement with professional advice. A MassMutual research study identified several key points of disconnect between reality and perception:

• AAPI individuals often have higher incomes and more investable assets to invest; but only 1 in 4 works with a financial professional.
• Most are not comfortable with their current financial situation (29% vs. 42%) and are less hopeful about reaching their lifetime financial goals (43% vs. 61%).
• Many are plagued with feelings of stress and anxiety when thinking about their financial future.

There are a several reasons for this including cultural and language barriers, lack of access, and difficulty trusting people outside their community. For immigrants who grew up in devastating poverty, fears of scarcity and financial instability are deeply rooted.

The financial services industry has been slow to show up for the AAPI community. When people don’t feel understood or represented, they may hesitate to seek out guidance—even when it could make a significant difference.

In my work, I’ve seen how powerful the right financial guidance can be—especially when it’s delivered with cultural understanding and personal respect. It doesn’t just improve numbers on a spreadsheet. It transforms lives.

Family, Education, and Generational Legacy

What makes the AAPI community so inspiring is that its financial goals are not just personal—they’re deeply interwoven with family and legacy.

One in three AAPI households is multi-generational. That means many individuals are not only planning for their own futures but also providing care for aging parents and investing in the education of their children. This balancing act is as noble as it is demanding.

At a time in my life when many of my friends are downsizing and retiring, I decided to upsize by buying a bigger house and filling it with my family, including my sister and her teenage daughter, my son and his new wife, and my now 87-year old mother. It is a loud and sometimes messy household of laughter and love. My family is incredibly important to me and knowing how money works makes my lifestyle possible.

As a financial educator, I believe this kind of long-term, family-centered mindset is one of the greatest strengths the AAPI community brings to the conversation around money. It’s something to be celebrated—and supported.

A Way Forward

Through our TheMoneyBooks series, we’ve dedicated ourselves to making financial literacy accessible to everyone—regardless of background, income, or experience. We believe that confidence doesn’t come from wealth. It comes from understanding.

That’s why it’s so important to provide culturally relevant education, increase representation in financial leadership, and build bridges of trust with every community.

Because when people feel seen and heard, they feel empowered. And when they understand how money works, they stop being afraid of it—and start using it to create the future they imagine.

AAPI Heritage Month: A Time to Reflect and Act

This month is a powerful opportunity to reflect not just on the history and heritage of the AAPI community, but on the work that still lies ahead.

Financial literacy is one of the most important—and most overlooked—drivers of opportunity. It can shape a child’s future, relieve the burdens of caregiving, and lay the foundation for lasting generational wealth.

So to the AAPI community, I say this: Our values, our dedication, and our vision for the future are already changing the world. Now is the time to pair those strengths with financial knowledge that supports our goals, our family, and our legacy.

Whether you’re just starting out or decades into your financial journey, know that you are not alone. Resources are available. Trusted guides exist. And your voice matters.

Let’s make this month not just a celebration, but a commitment—to greater confidence, greater clarity, and greater control over our financial futures.

— Kim Scouller

Kim Scouller is a financial educator, attorney, and author of How Money Works for Women: Take Control or Lose It. She has led legal and executive teams at one of the nation’s largest financial firms and now works to advance financial literacy across all communities. Kim is based in the Atlanta area and serves as a leading voice in the movement to empower women and underrepresented groups through education.

https://newsroom.fidelity.com/pressreleases/fidelity-investments-publishes-new-research-on-the-financial-wellness-of-asian-americans-and-pacific/s/3de8ab55-755c-4c24-a9e7-a3ded40c6616

https://blog.massmutual.com/planning/asian-american-community-finances